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INDEPENDENT BANK CORP/MA (INDB) Stock Fundamental Analysis

USA - NASDAQ:INDB - US4538361084 - Common Stock

70.57 USD
+0.42 (+0.6%)
Last: 9/23/2025, 9:31:28 AM
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to INDB. INDB was compared to 392 industry peers in the Banks industry. Both the profitability and financial health of INDB have multiple concerns. INDB has a correct valuation and a medium growth rate. INDB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

INDB had positive earnings in the past year.
INDB had a positive operating cash flow in the past year.
Each year in the past 5 years INDB has been profitable.
Each year in the past 5 years INDB had a positive operating cash flow.
INDB Yearly Net Income VS EBIT VS OCF VS FCFINDB Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

1.2 Ratios

INDB has a Return On Assets (0.94%) which is in line with its industry peers.
The Return On Equity of INDB (6.13%) is worse than 69.13% of its industry peers.
Industry RankSector Rank
ROA 0.94%
ROE 6.13%
ROIC N/A
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
INDB Yearly ROA, ROE, ROICINDB Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

The Profit Margin of INDB (26.48%) is better than 67.35% of its industry peers.
In the last couple of years the Profit Margin of INDB has declined.
The Operating Margin and Gross Margin are not available for INDB so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 26.48%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
INDB Yearly Profit, Operating, Gross MarginsINDB Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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3

2. Health

2.1 Basic Checks

INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for INDB has been reduced compared to 1 year ago.
INDB has more shares outstanding than it did 5 years ago.
INDB has a better debt/assets ratio than last year.
INDB Yearly Shares OutstandingINDB Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
INDB Yearly Total Debt VS Total AssetsINDB Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

The Debt to FCF ratio of INDB is 1.67, which is an excellent value as it means it would take INDB, only 1.67 years of fcf income to pay off all of its debts.
INDB has a Debt to FCF ratio of 1.67. This is comparable to the rest of the industry: INDB outperforms 53.57% of its industry peers.
INDB has a Debt/Equity ratio of 0.12. This is a healthy value indicating a solid balance between debt and equity.
With a decent Debt to Equity ratio value of 0.12, INDB is doing good in the industry, outperforming 64.80% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 1.67
Altman-Z N/A
ROIC/WACCN/A
WACC11.92%
INDB Yearly LT Debt VS Equity VS FCFINDB Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
INDB Yearly Current Assets VS Current LiabilitesINDB Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2019 2020 2021 2022 2023 2024 50M 100M 150M

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6

3. Growth

3.1 Past

The earnings per share for INDB have decreased by -8.85% in the last year.
INDB shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -4.31% yearly.
INDB shows a small growth in Revenue. In the last year, the Revenue has grown by 1.97%.
Measured over the past years, INDB shows a small growth in Revenue. The Revenue has been growing by 6.29% on average per year.
EPS 1Y (TTM)-8.85%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%3.31%
Revenue 1Y (TTM)1.97%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.78%

3.2 Future

Based on estimates for the next years, INDB will show a very strong growth in Earnings Per Share. The EPS will grow by 28.41% on average per year.
The Revenue is expected to grow by 22.69% on average over the next years. This is a very strong growth
EPS Next Y21.88%
EPS Next 2Y28.41%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year23.85%
Revenue Next 2Y22.69%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
INDB Yearly Revenue VS EstimatesINDB Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M 800M 1B
INDB Yearly EPS VS EstimatesINDB Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

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4

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 15.58, the valuation of INDB can be described as correct.
Compared to the rest of the industry, the Price/Earnings ratio of INDB indicates a slightly more expensive valuation: INDB is more expensive than 67.86% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of INDB to the average of the S&P500 Index (27.41), we can say INDB is valued slightly cheaper.
Based on the Price/Forward Earnings ratio of 9.41, the valuation of INDB can be described as reasonable.
INDB's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. INDB is cheaper than 66.84% of the companies in the same industry.
INDB's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.87.
Industry RankSector Rank
PE 15.58
Fwd PE 9.41
INDB Price Earnings VS Forward Price EarningsINDB Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, INDB is valued a bit more expensive than the industry average as 60.97% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF 16.41
EV/EBITDA N/A
INDB Per share dataINDB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

INDB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
INDB's earnings are expected to grow with 28.41% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.71
PEG (5Y)N/A
EPS Next 2Y28.41%
EPS Next 3YN/A

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7

5. Dividend

5.1 Amount

INDB has a Yearly Dividend Yield of 3.24%.
INDB's Dividend Yield is a higher than the industry average which is at 3.47.
Compared to an average S&P500 Dividend Yield of 2.38, INDB pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.24%

5.2 History

The dividend of INDB has a limited annual growth rate of 5.56%.
INDB has paid a dividend for at least 10 years, which is a reliable track record.
INDB has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)5.56%
Div Incr Years14
Div Non Decr Years30
INDB Yearly Dividends per shareINDB Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

51.87% of the earnings are spent on dividend by INDB. This is a bit on the high side, but may be sustainable.
INDB's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP51.87%
EPS Next 2Y28.41%
EPS Next 3YN/A
INDB Yearly Income VS Free CF VS DividendINDB Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
INDB Dividend Payout.INDB Dividend Payout, showing the Payout Ratio.INDB Dividend Payout.PayoutRetained Earnings

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INDEPENDENT BANK CORP/MA

NASDAQ:INDB (9/23/2025, 9:31:28 AM)

70.57

+0.42 (+0.6%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)07-17 2025-07-17/amc
Earnings (Next)10-16 2025-10-16/amc
Inst Owners77.41%
Inst Owner Change4.39%
Ins Owners0.8%
Ins Owner Change2.11%
Market Cap3.52B
Analysts80
Price Target81.09 (14.91%)
Short Float %4.21%
Short Ratio5.37
Dividend
Industry RankSector Rank
Dividend Yield 3.24%
Yearly Dividend2.25
Dividend Growth(5Y)5.56%
DP51.87%
Div Incr Years14
Div Non Decr Years30
Ex-Date06-30 2025-06-30 (0.59)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-4.37%
Min EPS beat(2)-10.02%
Max EPS beat(2)1.28%
EPS beat(4)2
Avg EPS beat(4)-3.21%
Min EPS beat(4)-10.02%
Max EPS beat(4)2.05%
EPS beat(8)4
Avg EPS beat(8)-1.2%
EPS beat(12)7
Avg EPS beat(12)-0.97%
EPS beat(16)10
Avg EPS beat(16)3.02%
Revenue beat(2)1
Avg Revenue beat(2)-0.14%
Min Revenue beat(2)-0.28%
Max Revenue beat(2)0%
Revenue beat(4)1
Avg Revenue beat(4)-0.81%
Min Revenue beat(4)-1.67%
Max Revenue beat(4)0%
Revenue beat(8)1
Avg Revenue beat(8)-1.3%
Revenue beat(12)3
Avg Revenue beat(12)-1.33%
Revenue beat(16)5
Avg Revenue beat(16)-0.97%
PT rev (1m)0%
PT rev (3m)6.35%
EPS NQ rev (1m)0.82%
EPS NQ rev (3m)10.04%
EPS NY rev (1m)0%
EPS NY rev (3m)3.75%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)14.65%
Revenue NY rev (1m)0%
Revenue NY rev (3m)4.5%
Valuation
Industry RankSector Rank
PE 15.58
Fwd PE 9.41
P/S 4.95
P/FCF 16.41
P/OCF 15.11
P/B 1.15
P/tB 1.69
EV/EBITDA N/A
EPS(TTM)4.53
EY6.42%
EPS(NY)7.5
Fwd EY10.63%
FCF(TTM)4.3
FCFY6.09%
OCF(TTM)4.67
OCFY6.62%
SpS14.26
BVpS61.6
TBVpS41.67
PEG (NY)0.71
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.94%
ROE 6.13%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 26.48%
GM N/A
FCFM 30.16%
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 1.67
Debt/EBITDA N/A
Cap/Depr 47.22%
Cap/Sales 2.6%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 113.9%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score4
WACC11.92%
ROIC/WACCN/A
Cap/Depr(3y)50.27%
Cap/Depr(5y)54.76%
Cap/Sales(3y)2.72%
Cap/Sales(5y)3.15%
Profit Quality(3y)123.13%
Profit Quality(5y)109.73%
High Growth Momentum
Growth
EPS 1Y (TTM)-8.85%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%3.31%
EPS Next Y21.88%
EPS Next 2Y28.41%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.97%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.78%
Revenue Next Year23.85%
Revenue Next 2Y22.69%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-43.28%
FCF growth 3Y8.28%
FCF growth 5Y0.94%
OCF growth 1Y-40.36%
OCF growth 3Y6.53%
OCF growth 5Y1.21%